长进光子即将上会：聚焦高性能特种光纤研发创新，三年营收复合增长率超30%

Core Viewpoint - Changjin Photon Technology Co., Ltd. is set to debut on the Sci-Tech Innovation Board on March 27, 2026, showcasing its strong capabilities in technology research and market expansion in the specialty optical fiber sector [1]. Group 1: Company Overview - The company focuses on rare-earth-doped optical fibers, achieving a compound annual growth rate (CAGR) of over 30% in revenue during the reporting period, indicating a clear development path driven by technology [1]. - Changjin Photon has established multi-dimensional competitive barriers in the specialty optical fiber industry, with its core product, rare-earth-doped optical fibers, accounting for over 85% of its revenue [1]. - The global specialty optical fiber market is projected to reach $2.3 billion in 2024, with the domestic market size estimated at 8.4 billion RMB [1]. Group 2: Technological Innovation - The company has developed a complete product matrix covering various types of rare-earth-doped optical fibers, achieving full coverage from low to high power products, making it one of the most comprehensive players in the domestic market [2]. - Key technical indicators of the ultra-broadband L-band erbium-doped optical fiber produced by the company have reached international advanced levels, supporting the large-scale commercialization of 400G optical transmission networks in China [2]. - The company has maintained high R&D investment, with a total of 84.43 million RMB from 2023 to 2025, accounting for 14.48% of cumulative revenue, and holds 57 patents, including 37 invention patents [3]. Group 3: Market Expansion - Changjin Photon has built a stable customer base, becoming a core supplier for leading fiber laser manufacturers and successfully entering the supply chains of major optical communication companies [4]. - Revenue from the optical communication sector increased from 21.73 million RMB in 2023 to 58.84 million RMB in 2025, while revenue from the defense and military sector reached 26.50 million RMB in 2025, growing over nine times since 2023 [4]. - The company achieved revenues of 144.56 million RMB, 191.66 million RMB, and 246.83 million RMB from 2023 to 2025, with a CAGR of 30.67% and maintaining high gross profit margins [4]. Group 4: Future Outlook - In the context of domestic substitution and industrial upgrading, Changjin Photon is positioned to become a leading force in the industry by leveraging a diversified product matrix and a quality customer ecosystem [5]. - The company aims to enhance its production capacity to 38,500 kilometers of specialty optical fibers annually following the implementation of fundraising projects, aspiring to become a benchmark enterprise in the domestic specialty optical fiber industry and a significant player in the global market [5].